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1. Suppose the marginal costs of reading are consatnt and the marginal benefits of reading decline(over time). Initially, the marginal benefits of reading are greater than the marginal costs. draw the marginal benefit curve and marginal cost cuve of studying, and identify the efficient amount of reading. then explain why the eficient point is the point at which the net benefits of reading are maxmized.
2. using the diagram you drew in question1, lower the marginal costs of reading and identify the new efficient amount of reading. also, identify the additional net benefits derived as a result of the lower marginal cost of reading.
3. jim could undertake activity X but chooses not to. Draw the marginal benefit and cost cues for activity X from Jim's perspective.(Draw the marginal cost curve as upwad sloping or horizontal but definitely above a declining marginal benefit curve.)
Provide the key provisions of the tax cuts passed through Congress in spring 2003 and explain how would these tax cuts be represented by the aggregate expenditure model and the IS curve
Write down the effect on the real wage and hours worked in the short run.
gap among the most highly skilled in the population and the least skilled will begin to fall in the near future.
Is the following statement correct or incorrect: "If a firm operating in a monopoly or imperfectly competitive industry is trying to maximize profits, it will always charge the highest price that the traffic will bear." Explain why or why not.
Industries used to make capacity, production, inventory and staffing decisions based on long-range forecasts.
If resources available for human consumption were out of limit, there would be no need for a subject field such as economics. Why do I say this?
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
Illustrate what happens to the dollar price of the dinar. Does the dinar appreciate or depreciate relative to the dollar.
Suppose that the position of a nation's aggregate demand curve has not been changed, but long-run equilibrium price level has declined.
E;lucidate whether each among the subsiquent is an example of an automatic fiscal stabilizer.
What would an economists say that the burden of the FICA tax is shared equally. Who bears more of the tax burden Workers or employers.
After the firm's patent expires, predict the new market output and price. Assume that competing suppliers have the same economic costs as the original producer. Calculate the resulting change in consumer surplus.
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